Bitcoin Today (28.12.2018)

The factor of the upcoming New Year influences prices and a number of participants, going off for holidays, try to close current positions, especially since December provided a good opportunity for earnings, but the global trend in the market is still negative. Over the past 3 days, the price of BTCUSD pair has tested support around $ 3700 three times. As a result, the bears still managed to push the price below this level, the price is in consolidation at the $ 3600 level now. The forecast stays the same: slow lateral movement in the $ 3500 – $ 4000 zone with irregular sell-offs if the price will be getting closer to the upper bound; In case of breaching below the $ 3500 – possible more bearish state.

Today forecast

Trading
Bounds: $ 3500 – $ 4000.

Latest

🔹 The BTC trade volume in Venezuela has reached a historical maximum

Despite the competition from the
state-promoted national cryptocurrency El Petro, the volume of Bitcoin trading
via LocalBitcoins in Venezuela reached record highs.

So, last week the turnover at the p2p site
was 1974 BTC. At the same time a week earlier, this figure was 1743 BTC. Thus,
in just seven days, the increase was 11%.

Many conservative supporters of traditional
finance criticize Bitcoin for its high volatility. However, despite the fact
that BTC has fallen by more than 80% since the beginning of the year, for the
Venezuelans this cryptocurrency remains a very important mean of preserving
value.

Note that there is no official statistics
on inflation in this oil-rich Latin American country. However, experts of the
International Monetary Fund are confident that by the end of the year, the
inflation rate in Venezuela could have reached 1 million percent. According to
some reports, prices in this country every month at least double. Consequently,
the inflation rate in 2019 could reach 10,000,000%.

Recall, recently the president of
Venezuela, Nicolas Maduro decided to share his “advanced” experience
of monetary reforms with Russia. In particular, he proposed to use the El Petro
cryptocurrency in the calculations for oil.